ENGLEWOOD, Colo. (AP) -- Arrow Electronics Inc. said its fourth-quarter net income rose 10 percent as revenue increased. The results for the quarter beat expectations.
The electronics maker said that its net income for the quarter ended Dec. 31 was $174.1 million, or $1.53 per share, compared with $157.9 million, or $1.34 per share, during the same period the year before.
The company also reported adjusted net income, excluding one-time items like restructuring charges and the cost of repaying debt early, of $1.38 per share. Analysts polled by FactSet expected earnings of $1.30 per share.
Revenue rose 4 percent to $5.44 billion from $5.24 billion, topping analysts' prediction of $5.43 billion.
The Englewood, Colo., company said that global component revenue in the quarter rose 3 percent from last year to $3.44 billion, while global enterprise computing solutions revenue climbed 5 percent to $2 billion.
The company forecast that during the current quarter, it will earn adjusted net income between $1.01 per share to $1.13 per share on revenue between $4.67 billion and $5.07 billion.
Analysts are expecting adjusted net income of $1.07 during the quarter on $4.89 billion in revenue.
For the full 2011 fiscal year, the company reported net income of $598.8 million, or $5.17 per share, compared with $479.6 million, or $4.01 per share, the year before. Revenue rose 14 percent to $21.39 billion from $18.74 billion.
Shares rose $1.14, or 2.8 percent, to $42.43 in late afternoon trading.
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